We all know this pandemic has changed the entire global economy. Not only the working pattern has changed but also the way we live our daily lives has transformed. It seems like a big tectonic has happened in the world, that has shifted every aspect of business and life. Everyone is clueless about the “New Normal” and when it will arrive fully.
After conquering many hurdles several businesses were able to survive this economic turmoil as they did in the past and businesses again started taking pace with the new opportunities. These businesses are nimble in nature and adaptable to the changing scenario. Tech and SaaS companies remain consistent and survive in this economic uncertainty.
If you are a startup or facing a tough time in business then this post is for you.
- Don’t Agitate!
Over 30 years market had not declined to this level. At present, situations are quite overwhelming stern so focusing on what you can control and manage in business is crucial for survival.
In the current situation making brisk calls and quick decisions can prove detrimental to your business health. To survive this situation stay focused on core capabilities and resources that will be able to maximize the company value essentially for your employees and customers.
- For Inspiration check the history
For a startup, there is never a “right or wrong” time to grow. If you check the history of some well-known big tech giants like General Electric, Microsoft, Google, Facebook, etc, you will find that in the recession period they began to thrive and become the global brands they are today.
In recessions, many of the world’s biggest companies took off their journey, and with strong determination; they are still to fly high.
- Stay focused
Launching a startup is not an easy task and getting startup funding is even more difficult in such an economic scenario. Entrepreneurship is all about finding and creating opportunities in your market that your competitor might have overlooked. Stay focused and agile by mapping out creative ways to lean into any obstacles and setbacks.
- Be a consistent player
Entrepreneurs don’t give up on a designed growth roadmap. Be consistent with marketing and as per requirement make necessary adjustments. With this strategy, you will be definitely playing a smart move for your company. This makes sure you are still under audience focus and positively take the position once the economy picks up again.
- Be workable with the team and promote remote work
This pandemic has made companies explore the functionality of remote working. A structure is designed where companies can run teams and make swifter decisions with less in-person contact. Companies like Twitter and Square are allowing their employees to work from home “forever” option if they want to.
- Look for opportunities to pivot
Although “Pivot” is contrary to “Consistency”, leaders need to keep a delicate balance between the two and handle their teams with different options come up. If your business has an opportunity to grow its total addressable market (TAM) without hampering the core business stability then it’s a considerable option.
- Raising Funding
In recent months investment may have taken a dip. For capital growth or extending operational runway, many companies are still looking for funding opportunities. The government is also supporting Small Business Administration and offering several loan programs. Without sufficient funds, it’s difficult to survive in the marketplace. Angel investments are also contributing to startup or bootstrapped startup funding and offering different kinds of capital raising strategies including series A funding.
No doubt Startups face so many challenges, that every business does. But they should learn to become more agile, make more strategic decisions, run leaner and stay consistent to grow over time.
If you want to incorporate your startup and have entrepreneurship quality with an extraordinary business plan but lack funding, then connect with TiE SoCal Angels and share your vision.